PLAY, PAUSE, SHUFFLE, REPEAT

Streaming is driving the music industry towards a new high—and a new aeon

- ANISHA GAKHAR

Every decade has represented a certain style in the music industry, from the way we’re able to listen to music to the evolving genre of sounds. Remember the vinyl records, which charmed vintage houses? Then came the audio cassettes, CDs, and the rest is history. Music industry trends tend to be impacted by augmenting technology trends. Over the past few years, the media industry has learnt that if there’s one thing certain in the future, it is ‘digital.’ Music has an overwhelming audience—across ages, genres and geographies. In the digital era, music platforms aren’t just about pure consumption of audio.

Today, music frequently combines with other forms of entertainment, whether through social media, television, or online videos. Music artists and fans have embraced the shifting culture of how music is consumed. As the days of owning music— both physical mediums and downloads—fade into the past, the increase in subscriptions to streaming platforms is largely responsible for the phenomenal rise in revenue from recorded music. The increasing number of quality audio apps available for download has made smartphones the go-to music-discovery tool. The music streaming market is poised to grow by $7.47 billion during 2021-2025, progressing at a CAGR of 19% during the forecast period.

ARTISTS RECEIVING THEIR DUES